When conducting a Target Market Analysis, you may not find the explicit data you seek. Rather, be prepared to create data by extrapolating, inferring, estimating, and making judgments based on related and relevant information. Generate logical informed estimates of statistics, demographics and financial projections based on pertinent research.
You may find market reports for sale on the Internet. You are not expected to purchase reports for any assignments. Rely on internet research, data from CityU Library databases, or local libraries. If you have spent 15-20 minutes searching with no success, Ask a Librarian for help!
In a “Target Market Analysis,” start your research by identifying your customer profile and targeted market. Identify the following:
- Customer demographics
- Annual income
- Customer characteristics
- Geographic limits for your market
Start your research using one of the top five sources for marketing projects and market analyses listed below:
Locate regional, state, or national professional associations relevant to your market
- Search the Internet to discover credible, respected and stable industry or product associations or organizations.
- Determine quality and relevance of the association’s site to your market. For example: Who sponsors the site? How current is the site? Are the links to other reliable organizations?
- Search for reports, surveys, fact sheets and statistics regarding marketing or consumer profiles.
Government Statistics or Regulations
Locate city, county, state, or federal labor and industry Internet sites
- Add .gov to your Internet search
- Search the Directory of Government Agencies: Topics/Government Agencies for information related to your industry
- Search State Governments for local industry data
- Statista database. Search for your industry or product type to find reports and statistics.
- Passport database > Countries & Consumers > Consumers
(Explore: Consumer Trends and Lifestyles, Income and Expenditure, Population and Homes)
- Search Census Bureau websites such as QuickFacts, American FactFinder, Easy Stats, Population Finder, Economic Census, etc.
- Search State & County QuickFacts
- Search the Internet using combinations of terms such as:
- your product + consumers Seattle
- trends + your product + King County
- your product or industry + lifestyle
Trade Magazines or Journals
- Search ABI/Inform Trade and Industry database to locate magazines covering your product/industry
- Search the Internet for magazines, newsletters or journals published by associations or organizations on your product or industry, or for blogs or articles on your topics. Be persistent and try a variety of combinations of search terms. Enter phrases for the exact data you want, such as:
- who buys + your product
- why + your product
- cost + your product
- trends + your product
Similar Public or Private Companies/Competitors
- Search the websites of large, public companies in your industry for annual reports, industry trends, or other data that will inform your research.
- Study websites from small, private, local companies in your geographic target. Glean and infer data to create informed estimates.
- Look for articles, reviews, lists of companies which create or sell your products.
- Plan an in-person visit to similar local company or vendor. Study the clientele, prices, marketing, atmosphere, etc. Contact local company managers for brief interview. Many business people are happy to help others and share their story.